VIEW: ANZ note that "a kick-start to another...>

GOLD: VIEW: ANZ note that "a kick-start to another rally in the gold price

remains elusive. The market's confidence that the most acute stage of the

pandemic has passed in many countries has seen risk appetite improve. With

investors now betting stimulus measures will bridge the gap to more normal

growth. Nevertheless, we still expect gold to hit a record high in H2 2020. The

gold price had a spectacular start to the year, as investors sought refuge in

safer assets. Speculative net-long positions hit record highs, while holdings of

gold-backed ETFs surged. However, an increase in risk appetite has been a

strengthening headwind for gold. We remain bullish over the medium term. The

macro backdrop is challenging, despite market confidence in the trend towards

normalised growth. The expansion of central banks' balance sheets shows no sign

of abating, while geopolitical tensions escalate. We think those investors who

continue to raise their allocation to precious metals are sitting on a gold

mine."